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New Jersey bank closed and purchased
The OCC has appointed the FDIC as receiver for City National Bank of New Jersey, Newark, New Jersey, a national bank. The bank had branch offices in Newark and New York City. As of September 30, 2019, the bank had approximately $120 million in total assets.
The FDIC announced that it entered into a purchase and assumption agreement with Industrial Bank in Washington, D.C., to assume all of the deposits of City National. City National is the fourth FDIC-insured institution to fail this year.